BRUSSELS (AP) — The European Union on Wednesday revealed details of its plan to use billions of euros in frozen Russian assets to fund Ukraine's needs over the next two years, but Belgium rejected the scheme and insisted that it poses major financial and legal risks.
European Commission President Ursula von der Leyen said that the EU would cover two-thirds of Ukraine’s financial and military needs for 2026 and 2027, which the International Monetary Fund puts at 137 billion euros ($160 billion), by providing 90 billion euros ($105 billion).
Click to Gallery
European Commission President Ursula von der Leyen speaks during a media conference regarding Ukraine's financing needs for 2026-2027 at EU headquarters in Brussels, Wednesday, Dec. 3, 2025. (AP Photo/Harry Nakos)
European Commission President Ursula von der Leyen addresses a media conference regarding Ukraine's financing needs for 2026-2027 at EU headquarters in Brussels, Wednesday, Dec. 3, 2025. (AP Photo/Harry Nakos)
Germany's Foreign Minister Johann Wadephul, right, speaks with NATO Secretary General Mark Rutte during a meeting of the North Atlantic Council in Foreign Ministers Session at NATO headquarters in Brussels, Wednesday, Dec. 3, 2025. (AP Photo/Geert Vanden Wijngaert)
Belgium's Foreign Minister Maxime Prevot, left, speaks with Poland's Foreign Minister Radoslaw Sikorski during a meeting of the North Atlantic Council in Foreign Ministers Session at NATO headquarters in Brussels, Wednesday, Dec. 3, 2025. (AP Photo/Geert Vanden Wijngaert)
Belgium's Foreign Minister Maxime Prevot speaks with the media as he arrives for a meeting of NATO foreign ministers at NATO headquarters in Brussels, Wednesday, Dec. 3, 2025. (AP Photo/Virginia Mayo)
Belgium's Foreign Minister Maxime Prevot speaks with journalists as he arrives for a meeting of NATO foreign ministers at NATO headquarters in Brussels, Wednesday, Dec. 3, 2025. (AP Photo/Virginia Mayo)
She said that other international partners would be called on to cover the remaining third.
"Today we are sending a very strong message to the Ukrainian people. We are with them for the long haul," said von der Leyen while rolling out the proposal which would use Russian money as collateral to fund Ukraine’s economy and war effort through a “reparations loan.”
Von der Leyen said that using the frozen assets would strengthen the Ukrainian position at peace negotiations with Russia and the U.S. but it would also send a message to Moscow that “the prolongation of the war on their side comes with a high cost for them.” She said that she had informed the Trump administration about the proposal.
EU leaders have committed to fund Ukraine over the next two years, whatever the method. The EU has already poured in over 170 billion euros ($197 billion) since the war started in 2022.
Von der Leyen said that if the loan plan didn't pass muster, the bloc could borrow the money on international markets in a scheme underpinned by its long-term budget. The problem here, though, is that it would require the approval of all 27 member countries, and Hungary has consistently blocked aid to Ukraine.
The biggest pot of ready funds available is through frozen Russian assets. Most of the money is held in Belgium – around 194 billion euros as of June – and outside the EU in Japan, with around $50 billion, and the U.S., U.K. and Canada with lesser amounts. A total of 210 billion euros worth ($245 billion) are held in Europe.
To address Belgian concerns, the commission's complex proposal includes safeguards to protect EU nations from “possible retaliation from Russia," a prohibition of any release of the frozen assets, and a way to borrow money as the EU to "underpin a loan to Ukraine.”
But Belgian Foreign Minister Maxime Prévot said that his country considers “the option of the reparations loan the worst of all, as it is risky. It has never been done before.” Russia has described the scheme as “theft.”
Haltingly reading prepared remarks to reporters at NATO headquarters in Brussels, Prévot urged the EU to borrow the money for Ukraine on international markets. “It is a well-known, a robust and a well-established option with predictable parameters,” he said.
“The reparation loans scheme entails consequential economic, financial and legal risks,” he said, adding that the commission’s proposals do not address Belgium’s concerns. “It is not acceptable to use the money and leave us alone facing the risks.”
Belgium fears that the Brussels-based financial clearing house holding the frozen assets, Euroclear, could take legal action if Russia challenges any use of the funds or if the move harms its image and business interests.
Prévot said Belgium feels that its concerns are not being heard by its EU partners.
“We are not seeking to antagonize our partners or Ukraine. We are simply seeking to avoid potential disastrous consequences for a member state that is being asked to show solidarity without being offered the same solidarity in return,” he said.
In essence, the 90 billion euros would not be seized from Russia as such, as Kyiv would refund it once Moscow pays significant reparations for the massive destruction its war has caused. Should Moscow refuse, the assets would remain frozen.
“We have listened very carefully to Belgium’s concerns, and we have taken almost all of them into account in our proposal,” Von der Leyen said. “We will share the burden in a fair way, as it is the European way.”
Other EU partners insist that they too understand Belgium's worries.
“We take Belgium’s concerns seriously,” German Foreign Minister Johann Wadephul told reporters. “They are justified, but the issue can be resolved. It can be resolved if we are prepared to take responsibility together.”
His Dutch counterpart David van Weel underlined that “these funds are really, really important. We need to support the Ukrainian economy, otherwise they will have a very tough time next year.”
“We understand the Belgian concerns, and we are willing to at least make sure that they are not alone in this,” he said. Several EU countries have already agreed to provide financial guarantees should things go wrong.
Belgium has been earning some tax income on the assets, and the interest raised is also being used to fund a loan program for Ukraine organized by the Group of Seven major world powers.
The European Central Bank is worried that the plan for an EU reparation loan could undermine confidence in the euro single currency on international markets. EU leaders are due to discuss the scheme and Ukraine's economic and military needs at a summit in Brussels on Dec. 18.
European Commission President Ursula von der Leyen speaks during a media conference regarding Ukraine's financing needs for 2026-2027 at EU headquarters in Brussels, Wednesday, Dec. 3, 2025. (AP Photo/Harry Nakos)
European Commission President Ursula von der Leyen addresses a media conference regarding Ukraine's financing needs for 2026-2027 at EU headquarters in Brussels, Wednesday, Dec. 3, 2025. (AP Photo/Harry Nakos)
Germany's Foreign Minister Johann Wadephul, right, speaks with NATO Secretary General Mark Rutte during a meeting of the North Atlantic Council in Foreign Ministers Session at NATO headquarters in Brussels, Wednesday, Dec. 3, 2025. (AP Photo/Geert Vanden Wijngaert)
Belgium's Foreign Minister Maxime Prevot, left, speaks with Poland's Foreign Minister Radoslaw Sikorski during a meeting of the North Atlantic Council in Foreign Ministers Session at NATO headquarters in Brussels, Wednesday, Dec. 3, 2025. (AP Photo/Geert Vanden Wijngaert)
Belgium's Foreign Minister Maxime Prevot speaks with the media as he arrives for a meeting of NATO foreign ministers at NATO headquarters in Brussels, Wednesday, Dec. 3, 2025. (AP Photo/Virginia Mayo)
Belgium's Foreign Minister Maxime Prevot speaks with journalists as he arrives for a meeting of NATO foreign ministers at NATO headquarters in Brussels, Wednesday, Dec. 3, 2025. (AP Photo/Virginia Mayo)
The draw ceremony for the 2026 FIFA World Cup is underway at the Kennedy Center in Washington, D.C.
A record 48 teams will take part in this summer's tournament.
U.S. President Donald Trump is also attending the event, as are President Claudia Sheinbaum of Mexico and Canadian Prime Minister Mark Carney.
Here's the latest:
Trump was awarded the new FIFA peace prize for what the sports governing body says are his efforts to work toward peace around the world. The award gave the ceremony even more of a Trumpian flair.
Trump, who has openly campaigned for the Nobel Peace Price, had been heavily favored to win the newly created FIFA prize.
He and FIFA President Gianni Infantino are close allies, and Infantino had made it clear that he thought Trump should have won the Nobel for his efforts to broker a ceasefire in Gaza.
In addition to singing at the opening of the World Cup draw, Bocelli will give another performance for Trump at the White House later Friday.
Bocelli is a longtime favorite of Trump’s. His songs are often on the soundtrack at Trump’s rallies, and he sang for Trump during a visit to the Oval Office in October.
Kevin Hart is co-hosting the ceremony and turning it into a global comedy club.
Right after FIFA president Gianni Infantino playfully blocked him from hugging co-host Heidi Klum, Hart launched into a very American debate: “Is it football… or soccer?”
The crowd laughed. Infantino did the fake tough-guy walk-off. And Kevin doubled down like only he can, cracking jokes while millions watched around the world.
FIFA President Gianni Infantino says there will be 7 million people in the stadiums and 6 billion watching from home.
“FIFA is the official happiness provider for humanity,” he said.
With something resembling a laser show more than an opera or symphony concert, there is a decidedly different look inside the Kennedy Center hall hosting the 2026 World Cup draw.
Bright lights and neon displays of “Welcome” in various languages are flashing on the stage and along the balconies.
The number “26” in bright colors is on the stage, where the backdrop occasionally switches to a list of more than 20 sponsors.
Andrea Bocelli kicked off the draw ceremony with a rendition of “Nessun Dorma” — which actually has a connection to the World Cup because of its use as theme music by the BBC for the 1990 tournament in Italy.
Whether the Italians are at the 2026 tournament, of course, remains to be determined. They must qualify through a European playoff next year.
“We are going to meet with both and we are getting along very well,” Trump said of Mexican President Claudia Scheinbaum and Canadian Prime Minister Mark Carney, who are co-hosting next year’s World Cup.
Trump suggested that trade will be on the agenda for his talks with the leaders.
FIFA announced the creation of a FIFA Peace Prize to be announced at today’s Kennedy Center event that will “recognize exceptional actions for peace.” But Trump says he doesn’t know if he’s going to receive the honor.
“There’s a rumor about it, but I have not been told,” Trump said as he arrived at the Kennedy Center for the announcement of matchups for next year’s World Cup. “That would be a great honor.”
He later, in another exchange with reporters, repeated his exaggerated claim that he has settled eight wars and “a ninth is coming.”
The qualifying process for the World Cup is a lengthy journey — one that began on Sept. 7, 2023, and isn’t even entirely finished yet. So far, 42 teams are assured spots in the 48-team field.
Here are a few highlights from qualifying:
– Aside from the three hosts, which qualified automatically, Japan was the first team to wrap up a spot, doing so in March of this year.
– Four countries are set to make their World Cup debuts: Cape Verde, Curaçao, Jordan and Uzbekistan. That number could increase when the final six teams earn spots in March’s playoffs.
– Already, 16 teams have qualified that weren’t part of the World Cup in 2022. Haiti is in for the first time since 1974.
– Ivory Coast, England and Tunisia qualified without allowing a goal.
Mexican President Claudia Sheinbaum is attending the World Cup draw — the first time she’s met face-to-face with Trump since he returned to the White House in January.
Canadian Prime Minister Mark Carney, who has met with Trump before, will also be on hand.
But Trump and Carney haven’t met since officials from all three countries began reviewing the U.S.-Mexico-Canada Agreement, which was negotiated during Trump’s first term and replaced the NAFTA pact, which took effect in 1994.
While no formal meetings have been scheduled, Trump may find time to talk tariffs and trade with both Sheinbaum and Carney. He also hasn’t met with Canada’s leader since clashing with Ontario over an ad criticizing U.S. tariff policy.
Clutch the bald eagle, Zayu the jaguar and Maple the moose — the three mascots of the 2026 World Cup — have arrived for the draw.
Clutch represents the U.S., Zayu represents Mexico and Maple represents Canada, the tournament’s three host nations.
For the 1994 World Cup in the U.S., a dog named Striker served as the mascot.
The last time the U.S. hosted the World Cup was in 1994. The draw for that tournament was in Las Vegas, a site that was also considered this time before the event was put at the Kennedy Center.
That certainly made a difference in terms of the local weather. Attendees on Friday morning were greeted by a steady snowfall outside the Kennedy Center along the Potomac River.
Although it’s not soccer weather at the moment, the tournament isn’t until June and July. At that point, heat will probably be the biggest issue, not snow.
▶ Read more: How heat played a role at the 2025 Club World Cup.
Although former England soccer captain Rio Ferdinand is running the draw, it will have a distinctly North American flavor. Tom Brady, Shaquille O’Neal, Wayne Gretzky and Aaron Judge will be on stage helping out. There is no Mexican sports representative, however.
Brady is a co-investor with the ownership of Birmingham City, a second-tier English soccer team.
There are few recent parallels to the fervor that’s about to descend on the Kennedy Center. When the U.S. last hosted the World Cup in 1994, the draw was held in Las Vegas and Bill Clinton, the president at the time, didn’t attend.
This week’s lineup is a reminder that for Trump — a two-term president, bestselling author and onetime reality television star — his favorite role is that of a showman. And Trump’s transformation of the Kennedy Center from one of Washington’s relatively apolitical spaces into something of an extension of his White House affords him a natural stage.
The U.S. president was instrumental in working with FIFA President Gianni Infantino to move the draw to the Kennedy Center after it was widely expected to take place in Las Vegas.
FIFA may further recognize Trump at the event with a newly created peace prize.
Infantino hasn’t confirmed that Trump will be the recipient but the two have forged a notably close relationship and Trump has openly campaigned for the Nobel Peace Prize. On the same day last month that FIFA said it would issue the new award, Infantino called Trump a “close friend” who has “such an incredible energy.”
The highest-ranked team that hasn’t already qualified for this World Cup is four-time champion Italy, ranked No. 12 by FIFA. The Italians still have a chance to qualify via UEFA Playoff A, so teams will likely be hoping to avoid being in the same group with that pot 4 placeholder.
In the past, World Cups have included a so-called “Group of Death” — a group that seems unusually difficult following the luck of the draw. With more teams spread out across more groups — and with the pots largely organized in descending order of FIFA rankings — there might not be an obvious Group of Death this time around.
But there is still substantial variance in the quality of teams that could come out of pot 4, which includes the four European playoff winners (which could include Italy and No. 21 Denmark) as well as No. 86 New Zealand and tiny World Cup newcomers Curacao and Cape Verde.
With 48 teams in the tournament, the top two in each group — plus eight of the 12 third-place finishers — will advance to the 32-team, single-elimination knockout round.
The top four teams in the FIFA ranking — Spain, Argentina, France and England — will be drawn in such a way that, should they win their groups, they would not face each other before the semifinals.
Other constraints during the draw include:
— Each group must have at least one European team, but no more than two.
— Aside from UEFA (Europe), no two teams from the same confederation can be in the same group. The other confederations are the AFC (Asia) and CAF (Africa), CONCACAF (North and Central America and the Caribbean), CONMEBOL (South America) and the OFC (Oceania).
Balls corresponding with the competing countries will be separated into four pots of 12, and each group will include one team drawn from each pot.
The pots are as follows, with each team’s current FIFA ranking in parentheses.
Pot 1 — Spain (1), Argentina (2), France (3), England (4), Brazil (5), Portugal (6), Netherlands (7), Belgium (8), Germany (9), United States (14), Mexico (15), Canada (27).
Pot 2 — Croatia (10), Morocco (11), Colombia (13), Uruguay (16), Switzerland (17), Japan (18), Senegal (19), Iran (20), South Korea (22), Ecuador (23), Austria (24), Australia (26).
Pot 3 — Norway (29), Panama (30), Egypt (34), Algeria (35), Scotland (36), Paraguay (39), Tunisia (40), Ivory Coast (42), Uzbekistan (60), Qatar (51), Saudi Arabia (60), South Africa (61).
Pot 4 — Jordan (66), Cape Verde (68), Ghana (72), Curaçao (82), Haiti (84), New Zealand (86), UEFA Playoff A, UEFA Playoff B, UEFA Playoff C, UEFA Playoff D, FIFA Playoff 1, FIFA Playoff 2.
Six of the balls in pot 4 do not correspond with any specific country. That’s because six spots at the World Cup won’t be determined until March. Four European teams will qualify via the UEFA playoffs, and the additional two FIFA playoffs will include teams from all over the world.
The host countries — the U.S., Mexico and Canada — are allowed into pot 1. That’s a significant perk because it means they avoid being in a group with several of the tournament’s top teams.
The tournament — hosted next year by the United States, Mexico and Canada — is expanding from 32 teams to 48.
The draw will separate them into 12 groups of four.
The 12 round-robin World Cup groups are designated Group A, Group B ... and so on, down to Group L.
It has already been predetermined that Mexico will be in Group A, Canada in Group B and the U.S. in Group D.
There will be a full reveal of game times set for Saturday.
President Donald Trump, center, speaking to members of the media during his arrival with FIFA President Gianni Infantino, right, at the Kennedy Center for the 2026 FIFA World Cup draw, Friday, Dec. 5, 2025, in Washington. (AP Photo/Evan Vucci)
Singer Andrea Bocelli performs at the draw for the 2026 soccer World Cup at the Kennedy Center in Washington, Friday, Dec. 5, 2025. (Mandel Ngan/Pool Photo via AP)
Singer Andrea Bocelli performs at the draw for the 2026 soccer World Cup at the Kennedy Center in Washington, Friday, Dec. 5, 2025. (Mandel Ngan/Pool Photo via AP)
The tournament mascots pose on the red carpet as guests arrive for the draw for the 2026 soccer World Cup at the Kennedy Center in Washington, Friday, Dec. 5, 2025. (AP Photo/Julia Demaree Nikhinson)
A member of the media works prior to the final draw for the 2026 soccer World Cup at the Kennedy Center in Washington, Thursday, Dec. 4, 2025. (AP Photo/Chris Carlson)
Spain's national team coach Luis de la Fuente, 3rd right, arrives to attend the draw for the 2026 soccer World Cup at the Kennedy Center in Washington, Friday, Dec. 5, 2025. (AP Photo/Julia Demaree Nikhinson)
People arrive for the draw for the 2026 soccer World Cup at the Kennedy Center in Washington, Friday, Dec. 5, 2025. (AP Photo/Stephanie Scarbrough)
FIFA President Gianni Infantino and his wife Leena Al Ashqar pose for a photo as they arrive for a welcome reception ahead of the draw for 2026 soccer World Cup at the Kennedy Center in Washington, Thursday, Dec. 4, 2025. (AP Photo/Chris Carlson)
